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| POSCO International's offshore gas field in Myanmar / Courtesy of POSCO International |
By Kim Hyun-bin
POSCO International formed a consortium with Pertamina Hulu Energi (PHE), an Indonesian local state-run company, to obtain the right to explore the Bunga offshore gas field in an international bidding process organized by the Indonesian government, Wednesday.
The exploration rights provide the authority to proceed with all essential exploration, development, and production processes of natural gas. POSCO's stake in the consortium stands at 50 percent with the operating rights owned by POSCO International. PHE is a subsidiary of Indonesia's state-owned oil and gas corp. Pertamina, is a specialized company that is in charge of oil and gas exploration and production in Indonesia as well as overseas.
Securing exploration rights through an international bidding sees POSCO International's gas field exploration and operations capabilities being recognized internationally.
The Bunga block is located in the eastern sea off Java, Indonesia. The total area of the gas field is 8500 square kilometers, which is approximately 14 times the area of Seoul.
POSCO International currently produces and sells natural gas from gas fields in Myanmar and Australia. When the development of the PM524 mine in Malaysia and the Bunga mine in Indonesia, are added, it is expected to increase the stability of the business and significantly expand the production scale. If the development of the Bunga mine is successful, it will be possible to introduce LNG into Korea, which can contribute to its energy security.
POSCO International, which was newly launched as a result of a merger with POSCO Energy, is the only energy company in Korea that possesses the entire value chain for LNG, from exploration to production, storage and power generation. POSCO International pledges to complete the entire LNG value chain and solidify its position as a global eco-friendly energy company by executing bold investments totaling 3.8 trillion won by 2025, across the energy business, including E&P, LNG infrastructure, power generation and eco-friendly energy.
"The company has been accumulating globally recognized technological capabilities in the field of natural gas exploration and development for over 20 years. It will contribute to national energy security," a POSCO International official said. "By succeeding in exploration and securing a new energy source, we will leap forward as an eco-friendly energy company and contribute to national energy security."
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